ElevenLabs achieved over $600 million in annual recurring revenue (ARR) within 41 months, according to Carles Reina, the company’s first VP of Revenue and employee number four. The growth milestones included reaching $100 million ARR in 20 months, doubling to $200 million in the next 10 months, hitting $330 million after five more months, and surpassing $600 million six months later, as detailed on saastr.com.
Carles Reina led ElevenLabs’ commercial efforts from the outset, initially selling enterprise deals solo for nine months before building the full revenue organization. He shared key strategies such as paying commissions only on recurring contracts, setting quotas at 20 times base salary, and giving away the product free to competitors’ core segments. Reina also emphasized rewarding humans for deals closed by AI agents and tailoring market theses with defined short-term results before launch.
ElevenLabs’ rapid ARR growth exemplifies the accelerating scale possible in AI-driven B2B SaaS. The company’s approach to sales compensation and market segmentation reflects emerging best practices in the sector. Reina’s experience aligns with trends seen at other high-growth SaaS firms, where aggressive quota setting and strategic channel focus drive outsized revenue gains. The firm’s $15 million Baobab Ventures fund, raised by Reina, signals continued investment in AI startups.
Carles Reina has since transitioned full-time to managing Baobab Ventures, a $15 million solo GP fund launched last year. ElevenLabs’ revenue trajectory and sales model provide a benchmark for AI SaaS companies targeting rapid enterprise adoption and scalable growth.